Good morning! Here’s what you need to know.
German banks are worrying investors. Deutsche Bank shares hit a record low on Tuesday and state-backed lender NordLB scrapped plans for a €500 million ($560 million) bond sale, underlining investor concern about the health of the financial industry in Europe’s largest economy.
You’ll soon be able to buy shares in Jose Cuervo. Mexican alcoholic beverage maker Jose Cuervo, the world’s largest tequila producer, filed a prospectus with the Mexican bourse to conduct its long-expected initial public offering.
Malaysia will cooperate with the US on a state theft probe. Malaysian Prime Minister Najib Razak said his country would cooperate with US and other international authorities investigating the misappropriation of funds from a Malaysian state-owned fund that he founded.
US house prices are still rising. US single-family home prices rose slightly less than expected on an annual basis in July, and the year-over-year gain was smaller than in the prior month, a survey showed.
It’s going to be a bad year for Swiss watchmakers. They are pessimistic about the outlook for the industry, with the number of downbeat executives doubling since 2015 to 82% this year, a study by Deloitte showed.
The World Trade Organisation cut growth forecasts. The WTO slashed its forecast for global trade growth this year by more than a third, reflecting a slowdown in China and falling levels of imports into the United States.
Scotland is battling against a hard Brexit. Scottish First Minister Nicola Sturgeon said she wanted more clarity about the British government’s position on leaving the EU and cautioned that a so called “hard Brexit” would hurt the economy.
Goldman Sachs is losing an exec in Asia. The head of investment banking division in Southeast Asia, Michael Smith, is set to leave the bank after a two decade stint in the banking industry.
Turkey’s post-coup crackdown is continuing. The country dismissed 87 staff from its spy agency over alleged links to the failed July 15 coup which sought to oust the government, state media reported.
Germany had a terrorist attack. Bomb attacks hit a mosque and a congress centre in the eastern German city of Dresden, police said, adding that they suspected a xenophobic and nationalist motive.